| Intrinsic Valuation of: ITC | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 16 | Market Cap | ₹3,877B | |||||
| 2021 | - | - (-) | P/E Ratio | 19 | Total Asset | ₹881B | |||||
| 2022 | ₹136B | - (-) | Net Income | ₹347B | Total Debt | ₹0 | |||||
| 2023 | ₹161B | 18.3% (1.2%) | EBITDA | ₹289B | Total Liab | ₹177B | |||||
| 2024 | ₹136B | -15.6% (-12.0%) | Opr Margin | 32.41 | Debt/Equity | - | |||||
| 2025 | ₹153B | 12.7% (1.8%) | PreTax Margin | 32.35 | BV/Share | 53 | |||||
| 5Y Average FCF | ₹147B | 6.8% (-3.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (6.8%) | ||||||||||
| 2026 | ₹162B | MBG Intrinsic Value | ₹145 | ||||||||
| 2027 | ₹171B | ||||||||||
| 2028 | ₹180B | ||||||||||
| 2029 | ₹188B | ||||||||||
| 2030 | ₹194B | ||||||||||
| 2031 | ₹199B | ||||||||||
| Terminal Value | ₹4,504B | Net Worth/Share | ₹56 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹3,863B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹6B | ₹309 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹0 | WACC | 6.5% | 290 | 316 | 347 | 388 | 443 | |||
| Equity Value | ₹3,869B | 7.1% | 258 | 277 | 301 | 330 | 367 | ||||
| Shares Outstanding | 12,529,468,231 | 7.8% | 232 | 247 | 265 | 286 | 313 | ||||
| 8.4% | 210 | 222 | 236 | 253 | 273 | ||||||
| DCF Intrinsic Value | ₹309 | 9.0% | 193 | 202 | 214 | 227 | 242 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||